XRP and XLM Extend Gains as Derivatives Indicate Bullish Bias

XRP and XLM extended their gains on Tuesday, after surging over 6% and 8%, respectively, in the previous day. Derivatives metrics show a bullish bias among traders for both altcoins.

CoinGlass' long-to-short ratios for XRP and XLM read 1.15 and 1.35, respectively, on Tuesday, indicating bullish sentiment. The funding rates for both XRP and XLM flipped positive on Monday and September 9, respectively, with rates reading 0.0085% and 0.0095% on Tuesday.

However, CryptoQuant's summary data shows cautious signs for both altcoins. XRP's spot market shows overheating conditions, while the futures market displays sell-side dominance and retail trader activity. For XLM, spot markets show large whale orders, but also display sell-side dominance.